Welcome to the world of the silver strivers

That’s what they are calling the increasing number of people who choose to work beyond the traditional retirement age of 65.

It’s a phenomenon which WBG member Richard Harvey highlighted in a recent presentation to the group titled Don’t Mention The ‘R’ Word’ – R standing for Retirement.

He said that the number of people working beyond State pension age has increased from 753,000 in 1993 to 1.5 million today. For many, it’s because they are reluctant to live on a standard UK State pension. But for others, it’s because they really enjoy their careers, and would miss having a job to go to.

On the positive side, he said Silver Strivers, benefiting from greater longevity and better health, no longer had to pay National Insurance on their earnings, and that regular additional income meant being able to help their children onto the housing ladder, enjoy better holidays or top up their pension.

But he also quoted statistics from the Institute of Economic Affairs and the Age Endeavour Friendship, which showed that taking retirement and then doing nothing decreased the likelihood of being in ‘very good’ or ‘excellent’ health by 40 percent, and increased the probability of suffering clinical depression by the same margin.

Or, as Philip Booth of the Institute of Economic Affairs says: “Working longer will not only be an economic necessity, it also helps people live healthier lives”.

Younger entrepreneurs were increasingly turning to older mentors, who can pass on experience and skills, know how to cope with change, and add value to the workplace.

And if those retiring don’t want to continue working, there’s always plenty of opportunities for volunteering, offering time and experience to a charity, or learning a new skill.

The alternative? Well, Richard warned that daytime TV was to be avoided at all costs!